"Dragonfly Partners: Crypto Falls into Financial Cynicism, Those Valuing Public Chains with PE Have Already Lost" (Author Haseeb, Translated by Deep Tide TechFlow) The sentiment in the crypto market is shifting from "financial nihilism" to "financial cynicism," with many believing that public chain valuations are severely inflated, new chains are doomed, venture capitalists are greedy, and tokens are worthless, leading to unprecedented hostility towards new chains like Monad and MegaETH. Dragonfly Managing Partner Haseeb counters that the value of first-tier public chains (ETH, SOL) should not be measured by short-term profits or price-to-earnings ratios, but rather based on their long-term "exponential growth" potential to become the next generation of global financial infrastructure, much like Amazon, which only burst forth after years of skepticism. He emphasizes that the market will price new chains based on their probabilities of success, and the true value lies in the long-term evolution of open financial systems, rather than short-term noise, with "smart money" still betting on the future of public chains. Read more: